Adani Green Energy said it has decided not to go ahead with its US dollar bond offering, following the criminal indictment brought against Gautam Adani and other board members by the US Department of Justice and the Securities and Exchange Commission on charges of bribery.
“The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani,” the statement by the company said.
“The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings,” it said.
Adani Green Energy was planning to tap the bond markets with the aim of raising around $1.5 billion. It had appointed DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, ING Bank N.V., Singapore Branch, Intesa Sanpaolo S.p.A., London Branch, Mizuho Securities (Singapore) Pte. Ltd., MUFG Securities EMEA plc., SMBC Nikko Securities (Hong Kong) Limited and State Bank of India, London Branch as joint bookrunners.
Adani Green shares were trading down by over 18 per cent on the NSE.